6 TASK 27 P3 4Ps of innovation and use of innovation funnel to examine and shape innovation ideas 7 P4 Explain developments in frugal innovation and provide examples of how it is used in an organisational context.9 TASK 31 P5 Importance of commercial funnel and process of New Product Development for innovation1 P6 Innovation Business Case 2 CONCLUSION 5 REFERENCES 6 INTRODUCTION 5 REFERENCES 6 TASK 1 P1 Explain innovation and determine its importance to organisations in comparison with